The Punjab government has decided to implement a property tax on residential properties, further increasing the financial burden on residents.
According to a private news channel, citing sources, the Punjab Excise and Taxation Department has been instructed to prepare a comprehensive list of all residential properties in the province by next month.
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The new property tax will apply to houses of 5 marlas or larger, with rates determined based on the property’s value. The sources added that properties valued above Rs 5 million will be subject to the new property tax.
It is pertinent to mention that the Punjab cabinet’s standing committee has previously approved a garbage tax for both residential and commercial properties across rural and urban areas.
In rural areas, the tax rates will be Rs 20 per month for a 5 marla house, Rs 40 for a 10 marla house, Rs 300 for small businesses, Rs 700 for medium businesses, and Rs 1,000 for large businesses. In urban areas, the rates are Rs 300 for a 5 marla house, Rs 500 to Rs 2,000 for houses between 10 marla and 1 kanal, and Rs 5,000 for houses larger than 1 kanal.
